VICTORIA, BRITISH COLUMBIA, CANADA (October 29, 2010) – For the fourth consecutive year, Canadian solar pioneer Carmanah Technologies Corporation has been named to Corporate Knights Magazine’s Cleantech 10™, a list of Canada’s preeminent publicly-traded cleantech companies compiled by Corporate Knights Inc. and Cleantech Group LLC, the leading producer of cleantech indices and information globally.
According to this week’s announcement, Rafael Coven, Managing Director and Index Manager of the Cleantech Index and creator of the Cleantech 10, sought out technology-driven growth companies that have big impacts on resource efficiency and the environment for this year’s list, not simply those re-branding themselves as “green”. A heavy emphasis was place on purity (percentage of revenues or income from cleantech business, and whether or not it’s really “clean”) and quality (strategy, management, financial strength, sector leadership). Other key criteria included growth, earnings, liquidity, capitalization, technology/intellectual property, and overall impact. Since the Cleantech 10’s inception in 2007, it has outperformed the S&P/TSX Composite by 23 percent (using an unweighted average of the past three Cleantech10’s returns as of October 25, 2010, excluding dividends).
Of this year’s Cleantech 10 winners, Corporate Knights Magazine’s Editor-in-Chief, Toby A. A. Heaps said, “With nine billion people on the horizon on a planet of finite resource, the space race for which country can make the most productive use of resources is on, and these companies are Canada’s great green hope.” Corporate Knights is a Canadian-based media company focused on promoting and reinforcing sustainable development in Canada.
As one of the most trusted names in solar technology, Carmanah has earned a reputation for delivering strong and effective products for industrial applications worldwide. Industry proven to perform reliably in some of the world’s harshest environments, Carmanah’s solar LED lights and solar power systems provide a durable, dependable, and cost effective energy alternative. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol “CMH.” For more information, visit www.carmanah.com.
Carmanah Technologies Corporation
Chief Financial Officer
For further information, please contact:
Investor Relations: Roland Sartorius
Public Relations: David Davies
Forward Looking Statements
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties which are described under the caption “Note Regarding Forward-looking Statements” and “Key Information – Risk Factors” and elsewhere in Carmanah’s Annual Report for the fiscal year ended December 31, 2009, as filed on SEDAR at www.sedar.com. The risk factors identified in Carmanah’s Annual Report are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.